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This area will be developed into a private house of 575 units, and the ground floor can be used for commercial purposes. A statement released by the Urban Development after the bidding deadline said that the company plans to build a private housing project on the site will have five apartment buildings, each with 16 floors high, with unblocked views of Jurong Lake Gardens.
The Lakeside Drive area, which ended its bidding last Tuesday (June 3), was successfully awarded by the highest bidder City Developments.
Analysts predict that the opening price of new projects may start from 2,300 yuan.
The Urban Reconstruction Bureau issued a statement on Monday (9th) announcing that CDL Polaris Properties and CDL Polaris Commercial, a subsidiary of Urban Development, won a 13,485.1 square meters (about 145,152 square feet) of land for RMB 608 million. The bidding price is equivalent to the floor area ratio of RMB 1,132 per square foot.